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| Angsana Velavaru Resort in Dhaal atoll: it was sold to a Singapore firm for USD 71 million by JLL Hotels & Hospitality Group in 2013. PHOTO/ANGSANA |
Singapore firm Roxy-Pacific Holdings has purchased Zitahli Resort and Spa located in Noonu atoll Kufa-Funafaru island for USD 31 million, marking the eighth sale of a Maldives resort by Jones Lang Lasalle Hotels (JLL) Hotels & Hospitality Group, who was the exclusive advisor for the transaction on behalf of Zitahli’s owner, AAA Group.
With the addition of Zitahli to JLL’s resume of sales in the Maldives, the group has sold eight resort properties in the archipelago so far, amounting to over USD 400 million (MVR 6.1 billion) in sales.
Zitahli Resorts and Spa is Roxy-Pacific Holding’s first acquisition in the island nation, beating out tough competition from firms in the United Kingdom, Australia, China, Thailand and United Arab Emirates.
The Singapore group had earlier revealed that the sale and purchase agreement involves the group's subsidiary company, Roxy Hotels and Resorts, obtaining the head leasehold interest in the property, assets, rights and economic interests of Zitahli Resorts and Spa.
Zitahli is a five-star luxury resort featuring 50 villas, 4 food and beverage outlets, swimming pool, a diving centre, a spa, fitness centre and a boutique.
The executive vice president of JLL Hotels & Hospitality Group Asia, Nihat Ercan, congratulated Roxy-Pacific Holdings on the acquisition.
“With its investor-friendly policies and robust trading fundamentals, we are seeing a surge in investor interest in Maldives resort assets," he remarked.
JLL group’s previous sales in the Maldives include Angsana Velavaru, Six Senses Laamu, Maalifushi by COMO, Gili Lankanfushi, Reethi Beach and Outrigger Konotta. JLL has also recently been appointed advisor to the sale of a resort in development in the island of Maavelavaru in Noonu atoll.
Source: Haveeru
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